ACRES Commercial Realty Corp. (NYSE:ACR) Q3 2023 Earnings Call Transcript

Unidentified Analyst: Thank you for taking the call. As an investor of REIT, I’d like to see some dividends. Can you give some color as to when you might be able to start paying dividends?

Andrew Fentress: Yes. Thank you, Don, for the question. It’s tied – our timing on paying dividends is tied to utilizing the net operating loss that we have in the portfolio. You as a shareholder and all the shareholders should recognize that in lieu of actually receiving a cash dividend, the same amount of cash is accruing to increasing book value per share. So, you as a shareholder, are receiving the same rate of return, you’re just receiving it in a slightly different form through the increase in book value. But we are mindful that there will come a time when we believe we’ve gotten book value to the appropriate level, and then that return will be shifted and delivered to the shareholders in the form of a dividend.

Unidentified Analyst: Okay, thank you.

Operator: As we have no further questions, the conference has now concluded. And thank you for attending today’s presentation. You may all now disconnect.